flag-692748_1280Following in the footsteps of the Financial Conduct Authority in the United Kingdom once again, the Australian Government has recently released their response to the Financial Systems Inquiry which approves increased scrutiny by the ASIC of changes in control of Australian Financial Services Licences (AFSL). In the wake of the failed Playtech and Plus500 deal, where the FCA raised concerns about Playtech’s acquisition of Plus500, Australia appears to be moving towards a similar model which will allow the ASIC the ability to approve or reject changes in control of AFSLs.

This expansion in the ASIC’s power has the ability to affect the margin FX and OTC derivative industry in Australia quite substantially and may see more deals like the Playtech­Plus500 deal terminated.

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